I gave this one a try in the mid 1980s, hunting on Ft Campbell.
I think the theory was that since you didn't get complete pass through back then, you needed a better way to recover hit deer.
I only used it once. Took a shot at a doe that came in from behind me, and shot over by a few inches. I can still remember that the arrow didn't seem to startle her as much as that string settling on her back!
I found this in an old archery box this weekend. I didn't think the string could peel out fast enough to keep up with modern bow speed, but pressfit got it working on a crossbow.